Protect Yourself From SIM Swap Fraud

Phone
calls from an unknown number claiming to be your bank representative.
SMS messages asking you to share the OTP you just received. Fraudsters
are constantly looking at ways to gain access to your money. It helps to
be aware of the various scams fraudsters use, so that you can recognize
the signs of an attempted scam and avoid them.

We will be covering different scams and frauds as part of an ongoing series on fraud and customer security.

What is SIM swap fraud?

A
SIM swap scam is where fraudsters get a new SIM issued for your phone
number, using your personal details. By doing this, they also gain
access to OTPs needed for authorizing payments from your bank account.

This basically means that the fraudsters will be able to steal money from your bank account using your OTPs.

How does SIM swap fraud happen?

The
fraudster calls you pretending to be a representative from your mobile
operator, and asks you to forward an SMS to upgrade your network. This
SMS contains a 20 digit number from the back of a new SIM. They also ask
you for your confidential bank details.

This
SMS deactivates your current SIM and activates a duplicate SIM that the
fraudsters have illegally obtained. Your SIM stops working and loses
all connectivity.

The fraudsters gain access to your phone number and SMSes, and use your bank details to initiate a money transfer.

The fraudsters receive an OTP for the transfer, and can now read it and send money from your account to their own account.

If
your phone has lost mobile connectivity for an extended period of time
for no reason, it could be a sign that something is wrong. Please
contact your mobile operator if this happens.